A trade surplus occurs when a country exports more goods and services than imports. A trade surplus is commonly seen as favorable for an economy. It means the country is selling more goods to other countries than buying. Thus, this article will explore 20 countries with the highest trade surplus in 2022.
Top 20 Countries with the highest trade surplus in 2022
The top 20 countries with the highest trade surplus in 2022 include:
China
China has by far the highest trade surplus worldwide. In 2022, it exported $3.59 trillion worth of goods while importing $2.71 trillion. This left them with a massive trade surplus of $877.6 billion. Being the largest machinery, clothes, and toys exporter enables China to post an excellent trade surplus annually. In addition, a weaker Chinese currency, the Yuan, also makes China’s exports cheaper and more competitive globally. Tus, It boost its trade balance. The massive trade imbalance between China and many of its trading partners, especially the European Union and the United States, has been a source of trade tension over the years.
Russia
In 2022, it exported $580.1 billion worth of goods, mainly oil, natural gas, and other energy exports, to China, India, Turkey, and Asia. Also, it imported $199.4 billion, giving it a trade surplus of $380.7 billion. Russia’s position as a major energy producer and exporter gives it a genuine trade advantage. Unfortunately, there were disruptions to Russia’s oil & gas exports to Europe due to sanctions following its invasion of Ukraine.
Saudi Arabia
It exported $411 billion, primarily oil & petroleum products, in 2022 while importing about $190 billion. Thus, it posted a trade surplus of $221.3 billion. Saudi Arabia, as one of the world’s top oil producers and exporters, runs large trade surpluses. However, it has sought to diversify its exports beyond crude oil in recent years.
Norway
It exported $271.7 billion, mainly oil & gas, to its European neighbors in 2022 while importing about $107.3 billion. Thus, it posted a trade surplus of $164.4 billion. Norway recorded a massive trade surplus in 2022 as European countries sharply reduced their energy imports from Russia and increased purchases from Norway following Russia’s invasion of Ukraine.
Australia
In 2022, it exported $402.2 billion of goods, mainly commodities, to its top trading partners. Also, it imported $290.1 billion, giving it a trade surplus of $112.1 billion. In addition, the country is a crucial producer and exporter of commodities like gold, LNG, copper, iron ore, bauxite, and manganese. Furthermore, it also makes cobalt, nickel, zinc, salt, lead, coal, and others. Thus, its position as a major commodity producer and exporter gives it a natural trade advantage. Commodity price surge due to the Russia-Ukraine war also supported Australia’s positive trade balance in 2022.
Qatar
In 2022, it exported $131 billion in goods, mainly Liquified Natural Gas (LNG), to its top trading partners in Asia and Europe. Also, it imported $33.5 billion worth of goods, giving it a trade surplus of $97.5 billion. Qatar is the largest LNG producer and exporter. Thus, this standing gives it a natural trade advantage. Gas price increases due to the Russia-Ukraine war supported Qatar’s positive trade balance in 2022.
Germany
Germany exported $1.66 trillion in goods in 2022 while importing $1.51 trillion, leaving it with a trade surplus of $1.57 billion. Unfortunately the country’s trade surplus declined sharply compared to previous years as oil & gas prices increase as a result of the conflict in Ukraine. The war forced Germany to import more expensive LNG from the US and Qatar compared to cheaper piped gas from Russia. The country always run a large trade surplus in recent decades thanks to the strength of its export industries. They include like vehicles, chemicals, machinery, and pharmaceuticals. As a result, German brands like BASF, Bayer, Mercedes, BMW, Bosch, and Siemens are globally recognized for their quality and sell strongly worldwide.
Ireland
Ireland exported $219.3 billion in goods, primarily pharmaceuticals, chemicals, machinery, and computer services. Imports totaled $148 billion, giving a trade surplus of $71.4 billion. Also, the country’s low taxes made it an attractive hub for pharmaceutical and tech companies to establish European headquarters.
Brazil
In 2022, it exported $334.5 billion worth of goods, mainly hard & soft commodities. Also, it imported $272.7 billion, giving it a trade surplus of $61.8 billion. The country is a crucial producer and exporter of commodities like crude oil, iron ore, bauxite, and manganese. Furthermore, it also makes niobium, cobalt, nickel, vanadium, lithium, copper, and others. Thus, its position as a key commodity producer and exporter gives it a natural trade advantage. Commodity price surge due to the Russia-Ukraine war also supported its positive trade balance in 2022.
Kuwait
It exported $100.1 billion worth of goods, primarily oil & petroleum products, in 2022 while importing about $38.9 billion. Thus, it posted a trade surplus of $61.2 billion. As one of the world’s top oil producers and exporters, Kuwait runs large trade surpluses. Oil price surge due to the Russia-Ukraine war also supported its positive trade balance in 2022.
Malaysia
Malaysia exported $353.1 billion in goods, including petroleum products, palm oil, and machinery in 2022. With imports of $295.1 billion, its trade surplus totaled $58.1 billion. Malaysia’s natural resources exports, like petroleum, tin, rubber, and palm oil, help drive its surpluses. Also, one of three countries controlling the Strait of Malacca, international trade plays a significant role in Malaysia’s economy.
Netherlands
The Netherlands shipped $770.3 billion in machinery, chemical products, and food items 2022. With imports of $712.8 billion, its trade surplus totaled $57.5 billion. It is a major European trade & transportation hub, and it helps drive its surpluses.
Indonesia
It shipped $292 billion in goods, including oil and machinery in 2022. With imports of $237.4 billion, its trade surplus totaled $54.5 billion. Also, one of three countries controlling the Strait of Malacca, international trade plays a significant role in its economy.
Oman
It exported $88.1 billion worth of goods, primarily oil & petroleum products, in 2022 while importing about $39.8 billion. Thus, it posted a trade surplus of $48.3 billion. Oil price surge due to the Russia-Ukraine war also supported its positive trade balance in 2022.
Switzerland
In 2022, it shipped $402.1 billion in goods, including pharmaceuticals, machinery, watches, metals, and chemicals. It imported $356.8 billion, resulting in a $45.3 billion trade surplus. Switzerland’s trade surplus comes from its export of high-value goods and services in sectors like finance, chemicals, and pharmaceuticals.
Taiwan
Taiwan exported $478.3 billion in goods, primarily semiconductors and machinery. It imported $437.3 billion, leaving a surplus of $40.9 billion. Taiwan runs surpluses mainly due to its exports of electronics like semiconductors. Also, it is part of the global tech supply chain. Unfortunately, tensions with China remain a long-term risk factor for Taiwan’s trade outlook.
Singapore
In 2022, Singapore exported $515.1 billion in financial services, petrochemicals, electronics and pharmaceuticals. With imports of $475.5 billion, its trade surplus totaled $39.6 billion. Singapore’s ports help drive exports and re-exports from neighboring countries. It has also developed strengths in services like finance and logistics.
Others: Kazakhstan & Angola